Home prices were also up in Edmonton
in 2014, with single-family homes finishing the year 5.6 per cent higher than in 2013, at an average of $432,713.
“Edmonton and the surrounding areas
experienced a great increase in volume of sales, but also a healthy increase in price,” said Greg Steele, president of the Realtors Association of Edmonton.
“An increase in newly-built, affordable condos and multi-family units, coupled with historically low mortgage rates encouraged new buyers into the market. We also saw great migration into the province and a very tight rental market.”
As for 2015 and the outlook for Alberta investors, it's likely still too soon to say anything for sure. “But there is reason to believe," said Wazonek, "with this type of major adjustment in Alberta’s economy, there has got to be fallout and there usually is.”
Ritter added: “Alberta and Canada are still the best and safest places, in my opinion, to invest. We are seeing people and investors slowing down, but they are still there.
"In general, I am seeing more of a wait-and-see attitude and, thankfully and rightfully, no panic.”
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Investment Hot Spots:
Grenville Park, South Maitland, Rockdale, Fernie, Saint-Flavien